Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Scenario You were recently hired as an entry - level bookkeeper for a service business that recently opened. This is the first month in operation
Scenario You were recently hired as an entrylevel bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner. Prompt Record Financial Data: Use accepted accounting principles to accurately capture business transactions for the month in the Company. Accounting Workbook Template using the data provided in the Accounting Data Appendix document. Specifically, you must address the following rubric criteria:How to solve The following events occurred in June: June : Owner contributed $ in cash to the business. June : Owner purchased a company vehicle in the amount of $ June : Owner took out a small business loan in the amount of $ June : Owner paid rent for June, and prepaid office rent for a month period to cover July through December at $ per month. June : Owner paid business license fees in the amount of $ to the county. June : Owner ordered office supplies, on account, in the amount of $ June : Owner performed service for client on account in the amount of $ June : Owner provided service for client in the amount of $ Customer paid $ at time of service. Client will be billed for the balance due. June : Owner paid $ in advertising costs to the local paper. June : Owner recorded wages due to the parttime employee in the amount of $ This will be paid on June June : Owner prepaid business insurance to cover July through December at the rate of $ per month. June : Owner paid wages due to parttime employee from period ending June June : Owner paid for plumbing repairs in the office in the amount of $ June : Owner withdrew $ cash for personal use. June : Customer paid balance due from June service in the amount of $ June : Owner provided service to client in the amount of $ Client paid at time of service. June : Owner paid balance due for office supplies purchase on June June : Owner performed service for client on account in the amount of $ June : Owner received telephone bill for month of June in the amount of $ and recorded the expense. This bill will not be paid until July. June : Last day of pay period; owner owes parttime worker $ for the June through June pay period. This will be paid on July June : Record depreciation on vehicle at $ ibility: Good to go A Company General Journal Entries Date Jun Cash Owners Capital table Jun Vehicle Cash Jun Cash Accounts h ners C hicle sh Cash Jun tableRent ExpensePrepaid RentCash Jun Chart of Accounts General Journal Ledger Accounts Tival
Scenario
You were recently hired as an entrylevel bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner.
Prompt
Record Financial Data: Use accepted accounting principles to accurately capture business transactions for the month in the Company.
Accounting Workbook Template using the data provided in the Accounting Data Appendix document.
Specifically, you must address the following rubric criteria:How to solve
The following events occurred in June:
June : Owner contributed $ in cash to the business.
June : Owner purchased a company vehicle in the amount of $
June : Owner took out a small business loan in the amount of $
June : Owner paid rent for June, and prepaid office rent for a month period to cover July through December at $ per month.
June : Owner paid business license fees in the amount of $ to the county.
June : Owner ordered office supplies, on account, in the amount of $
June : Owner performed service for client on account in the amount of $
June : Owner provided service for client in the amount of $ Customer paid $ at time of service. Client will be billed for the balance due.
June : Owner paid $ in advertising costs to the local paper.
June : Owner recorded wages due to the parttime employee in the amount of $ This will be paid on June
June : Owner prepaid business insurance to cover July through December at the rate of $ per month.
June : Owner paid wages due to parttime employee from period ending June
June : Owner paid for plumbing repairs in the office in the amount of $
June : Owner withdrew $ cash for personal use.
June : Customer paid balance due from June service in the amount of $
June : Owner provided service to client in the amount of $ Client paid at time of service.
June : Owner paid balance due for office supplies purchase on June
June : Owner performed service for client on account in the amount of $
June : Owner received telephone bill for month of June in the amount of $ and recorded the expense. This bill will not be paid until July.
June : Last day of pay period; owner owes parttime worker $ for the June through June pay period. This will be paid on July
June : Record depreciation on vehicle at $
ibility: Good to go
A Company
General Journal Entries
Date
Jun Cash
Owners Capital
table
Jun Vehicle
Cash
Jun Cash
Accounts
h
ners C
hicle
sh
Cash
Jun
tableRent ExpensePrepaid RentCash
Jun
Chart of Accounts
General Journal
Ledger Accounts
Tival
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started